Australia: Middletons acts for Centro Retail Trust which finally reaches settlement after four years
Last Updated: 13 May 2012

The settlement marks the end of long running class actions in which Centro will now be better able to focus on its business and security holders.

One of Middletons partners running the case, Mark Dobbie said, "The outcome is welcomed and means our client can focus on its business and building wealth for its security holders."

Mark added, "The case shows an increasingly litigious landscape for Australian businesses, whereby the rise of class actions continue to boom."

Mark said, "While the outcome is desirable and a good one for our client, it still leaves general uncertainty for business more broadly as after 20 years of class actions in Australia, we still have no final judgement on key issues relevant to Australian securities class actions."

Middletons other partner running the case, David Hope added, "The increase in litigation funding and the ability to build class actions through public relations, advertising and social media means the risks to business are far greater. Boards are under greater pressure to plan for mitigating these increased risks."

Centro Retail Australia reached an agreement to settle six proceedings, including a number of related shareholder class actions, brought against the two pre-aggregation Centro entities on behalf of group members represented by Maurice Blackburn and Slater & Gordon in the Federal Court in Melbourne.

These proceedings were commenced on behalf of shareholders who acquired securities in (what was then) Centro Properties Group and Centro Retail Group in 2007 and early 2008.

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